OKX to Launch Virtual Asset Services in Hong Kong

In a significant move that highlights the growing importance of Hong Kong in the crypto industry, OKX, the world’s second-largest crypto exchange by trading volume, has announced that it has set up a Hong Kong entity to launch virtual asset services in the region.

The company intends to apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, which is scheduled to take effect on 1 June 2023, as well as Type 1 & 7 licenses under the Securities and Futures Ordinance.

The move comes after more than a year of preparation by OKX to meet anticipated regulatory requirements from an organizational, product, security, and compliance perspective. OKX Managing Director of Global Institutional Lennix Lai emphasized that regulation and licensing are crucial to the future success of the crypto and Web3 sectors. He added that OKX sees tremendous potential in Hong Kong and is committed to investing in talent and working with regulators over the next five years to continue building the local ecosystem.

OKX Managing Director of Global Institutional Lennix Lai

The Hong Kong government’s new VASP regime has created a robust regulatory framework and the right conditions for Hong Kong to become a world-leading virtual asset hub, Lai said. OKX General Counsel Bing Zhao highlighted that the company takes security, custody, AML, and compliance very seriously and is eager to demonstrate how it can meet and exceed the robust standards expected of virtual asset service providers under this regulatory regime.

Over the past few years, Hong Kong has become a popular destination for the crypto industry and will be increasingly important for OKX and other innovative firms, entrepreneurs, and top talents as regulation develops. OKX is sponsoring two industry conferences in Hong Kong in the coming weeks, the WOW Summit and the Hong Kong Web3 Festival and taking part in keynote and panel discussions to outline the company’s growth plans.

OKX is a top partner of English Premier League champions Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo. The company aims to supercharge the fan experience with new engagement opportunities and is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3. Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

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